Circular No. 3,895 of 4 May 2018: Procedures and Information for the Deposit of Covered Real Estate Letters (LIG) and Registration or Deposit of Assets in the Asset Portfolio under Resolution No. 4,598 of 29 August 2017

BANCO CENTRAL DO BRASIL

CIRCULAR No. 3.895, OF 4 MAY 2018

Provides for the procedures and information necessary for the deposit of Covered Real Estate Letters and for the registration or deposit of the assets comprising the asset portfolio, as addressed in Resolution No. 4.598, of 29 August 2017.

The Board of Directors of the Banco Central do Brasil, in a session held on 2 May 2018, based on arts. 9 of Law No. 4.595, of 31 December 1964, 22, item II, of Law No. 12.810, of 15 May 2013, and 80 of Resolution No. 4.598, of 29 August 2017,

R E S O L V E S :

Art. 1 This Circular regulates the procedures and informational content relating to the centralized deposit of the Covered Real Estate Letter (LIG) and to the registration or centralized deposit of the assets comprising the asset portfolio with entities authorized to carry out the activities of registration or centralized deposit of financial assets and securities.

Art. 2 The constitutive registration of the LIG with a central depository must contain the information required in arts. 15 to 17 of Resolution No. 4.598, of 29 August 2017, provided that:

I - the LIG asset portfolio must be identified by a specific code and linked to the LIG it guarantees;

II - the LIG Issuance Term must be registered by including the corresponding electronic file; and

III - the establishment of the fiduciary regime over the asset portfolio must be carried out in a standardized text field, containing at least information that meets the requirements of art. 69 of Law No. 13.097, of 19 January 2015.

§ 1 For the purposes of registering the information provided for in art. 17, § 1, items XIV to XVIII, of Resolution No. 4.598, of 2017, reference to the LIG Issuance Term in the specific fields is permitted.

§ 2 The making of changes in the registration of the LIG Issuance Term by the issuing institution requires prior consent of the fiduciary agent.

§ 3 The registration referred to in the caput must contain at least the following information about the assets comprising the asset portfolio:

I - with respect to real estate credits:

a) denomination of the instrument;

b) identification of the debtor;

c) date of formalization of the instrument;

d) maturity date;

e) updated balance or nominal value;

f) form of remuneration and monetary updating; g) form and periodicity of amortization; h) type of guarantee; i) type of transaction, in accordance with items I to IV of art. 20 of Resolution No. 4.598, of 2017; j) contract code in the Credit Information System (SCR), as addressed in Resolution No. 4.571, of 26 May 2017; and k) modality and submodality codes in the SCR;

II - with respect to securities issued by the National Treasury:
a) the denomination of the security; b) the identification code in the Special Settlement and Custody System (Selic); c) the ISIN code (international coding of the public security); and d) the updated nominal value;

III - with respect to derivative instruments:
a) the denomination of the contract; b) the identification code of the contract; c) the identification of the counterparty; d) the identification of the guarantees, if any; e) the maturity date; f) the notional value of the contract; and g) the updated nominal value of the contract; and

IV - with respect to financial availabilities, the identification of the accounts and respective amounts.

Art. 3 The deposit or registration of the assets comprising the LIG asset portfolio, as addressed in art. 18, § 1, of Resolution No. 4.598, of 2017, must be carried out in such a way as to:

I - link these assets to the respective portfolio, by means of the specific code addressed in art. 2, item I;

II - contain at least the information referred to in § 3 of art. 2; and

III - establish the allocation of each asset for the purposes of guaranteeing the LIG.

§ 1 The format of the information relating to the registration or deposit of real estate credit transactions must be compatible with the format of those sent to the SCR, even if such information is not provided to that system on an individualized basis.

§ 2 The information on the assets comprising the asset portfolio subject to registration must be updated by the eighth business day of each month.

Otávio Ribeiro Damaso
Reinaldo Le Grazie
Director of Regulation
Director of Monetary Policy

Art. 4 The substitution of assets comprising the asset portfolio must be processed by the central depository of the LIG, by means of dual command, transmitted by the issuing institution and by the fiduciary agent.

Art. 5 The deposit with Selic of the securities issued by the National Treasury comprising the asset portfolio must be carried out in a specific account intended for the allocation of the securities submitted to the fiduciary regime.

Sole paragraph. The account addressed in the caput must be:

I - managed by the central depository of the LIG;

II - individualized by issuing institution and asset portfolio;

III - segregated from the other accounts of the central depository of the LIG; and

IV - moved only by the central depository of the LIG, on behalf of the issuing institution.

Art. 6 The central depository of the LIG must make available to the fiduciary agent and the issuing institution balances and statements of the LIG and of the assets comprising the asset portfolio, as well as other information and documents necessary for the performance of their functions.

Art. 7 This Circular enters into force on the date of its publication.

This text does not replace the one published in the DOU of 7/5/2018, Section 1, p. 40, and in Sisbacen.